KB Kookmin Bank, Naver Financial, and 21 Companies Receive Preliminary MyData Licenses

[Asia Economy Reporter Kangwook Cho] On the 22nd, the Financial Services Commission announced that 21 companies, including financial institutions such as Kookmin Bank and Shinhan Card, fintech companies like Rainist and Bomap, and electronic financial operators affiliated with e-commerce companies such as Naver Financial and NHN Payco, have received preliminary approval for MyData services.

According to the FSC, among the 35 companies that applied for preliminary MyData approval on October 12, examinations were conducted on 29 companies excluding 6 companies whose reviews were put on hold.

During the preliminary approval process, companies were evaluated on six criteria, including whether they have sufficient security facilities to process and protect large amounts of personal credit information, the provision of innovative services for consumers, the establishment of consumer protection systems, and the validity of their business plans.

As a result, 21 companies were approved. These include four banks: KB Kookmin Bank, NH Nonghyup, Shinhan Bank, and Woori Bank; six credit finance companies: Kookmin Card, Woori Card, Shinhan Card, Hyundai Card, BC Card, and Hyundai Capital; and eight fintech companies: Mirae Asset Daewoo (financial investment), Nonghyup Central Association (mutual finance company), Welcome Savings Bank (savings bank), Naver Financial, Rainist, Bomap, Finda, TeamWink, Korea Financial Solutions, Korea Credit Data, and NHN Payco.

Eight companies, including Min&Ji, Viva Republica, BankQ, IGINET, Kakao Pay, Kukon, Fintech, and Habit Factory, require some improvements on certain approval requirements, so their review process will continue. According to the 'Credit Information Business Supervision Regulations,' if supplementation of the application is necessary, the supplementation period is not counted within the review period.

Currently, a total of 10 companies, including those needing to supplement approval requirements (8 companies), as well as SC First Bank and SK Planet, which applied on the 17th of last month, are undergoing MyData approval reviews.

The 21 companies, including Kookmin Bank, that received preliminary approval this time are expected to obtain full MyData approval by the end of January next year through the full approval review.

The FSC plans to prepare the 'MyData Guidelines' in February next year, which will include the subscription and consent methods for MyData services, the scope of information provided through MyData, safe data transmission methods, and consumer protection measures.

This content was produced with the assistance of AI translation services.